Cycles In China Research Articles

Tracking tantalum stocks and flows in China from 2000 to 2021: A material flow analysis

Tantalum is not only one of the critical metals applied in various advanced industries such as electronics, aerospace, military, and medical applications, but also is considered a conflict mineral, posing a threat to its global supply security. China plays a significant role in the tantalum industrial chain; however, the complete picture of its anthropogenic tantalum cycle remains unknown. This study investigates the tantalum cycles in China from 2000 to 2021 by conducting a dynamic material flow analysis. The results reveal that China's domestic tantalum consumption surged from 91 tons in 2000 to 580 tons in 2021. China heavily relied on importing tantalum minerals to support its domestic production, with a trade dependence rate of 90 %. Moreover, the trade volume of tantalum-related commodities experienced substantial growth from 2000 to 2014 and then fluctuated, with tantalum concentrates as the primary imported goods and electronic products as the primary exported goods. Approximately 24.9 % of the overall tantalum demand was met with secondary tantalum, in which 80 % of such secondary material being recovered during the refining and production stages. Policy recommendations are proposed accordingly, including diversifying tantalum mineral resources and increasing the recovery rates from end-of-life products. These policies can significantly contribute to achieving sufficient tantalum supply and maintaining sustainable tantalum supply chain in China.

P-547 Impact of SARS-COV-2 infection on embryo euploidy rate: a retrospective cohort study of 498 PGT-A cycles in China

Abstract Study question Does SARS-CoV-2 infection before oocyte retrieval have any impacts on embryo euploidy rate? Summary answer SARS-CoV-2 infection before oocyte retrieval had no detrimental impact on embryo euploidy rate, indicating that cycle cancellation due to SARS-CoV-2 infection may not be necessary. What is known already SARS-CoV-2 infection has significant effects on the health of people worldwide and poses a serious threat to reproductive health. According to the previous studies, SARS-CoV-2 infection had negative impacts on the blastocyst formation rate, top-quality embryos rate. However, the association between the infection and the embryo euploidy rate is indeterminate. It is still worth exploring the impact of SARS-CoV-2 infection on embryo euploidy rate. Especially this is the key question to be addressed for providing appropriate counseling to couples seeking for preimplantation genetic testing for aneuploidy (PGT-A) treatments during the ongoing pandemic. Study design, size, duration This was a retrospective cohort study of 498 couples who underwent PGT-A cycles with next-generation sequencing technology from November 1st, 2022 to June 30th, 2023 at a tertiary-care medical center in China. Participants/materials, setting, methods Women tested positive for SARS-CoV-2 before oocyte retrieval were included in the COVID-19 group, while patients who were asymptomatic and tested negative during the same period were included in the non-COVID-19 group. The primary outcome was the euploidy rate. Subgroup analysis was conducted according to the time interval between infection and oocyte retrieval. Univariate and multivariate logistic regression models were applied to adjust for potential confounders. Main results and the role of chance A total of 278 and 220 women were included in the COVID-19 and non-COVID-19 group, respectively. In the COVID-19 group, the maturated oocyte rate (79.5% vs. 83.7%, p＜0.001), number of total viable embryos (2 vs. 3, p=0.038), and number of euploid blastocyst (1 vs. 1, p=0.028) were significantly decreased compared with non-COVID-19 group. The euploidy rate (38.5% vs.40.3%, p = 0.451), aneuploidy rate (45.0% vs. 43.8%, p=0.616), and mosaicism rate (16.5% vs. 15.9%, p=0.746) were all comparable between the two groups. Results of multivariate logistic regressions revealed no association between SARS-CoV-2 infection and euploidy rate, aneuploidy rate, or mosaicism rate. Similarly, no association was detected between the time interval of infection and oocyte retrieval (≤30 days, 31-60days, 61-90 days, 91-120 days, or ≥ 120 days prior to oocyte retrieval) and euploidy rate. Limitations, reasons for caution The retrospective nature of the study and limited sample size for subgroup analysis limits the generalizability of the findings. Other potential confounders, such as the level of SARS-CoV-2 antibody, symptoms of infection, are needed to be taken into consideration as well. Large-scale prospective studies are warranted to confirm the conclusion. Wider implications of the findings Our study demonstrated that SARS-CoV-2 infection before oocyte retrieval had no detrimental impact on embryo euploidy rate, indicating that cycle cancellation due to SARS-CoV-2 infection may not be necessary. Trial registration number Not Applicable

The impact of digital finance on technological innovation across enterprise life cycles in China

This study aims to fill a gap in our knowledge by analyzing how digital financing has affected technological innovation in China's firms across different growth phases. This article investigates the relationship between technological innovation efficiency and digital finance in China's A-share listed corporations between 2012 and 2022 using basic logistic modelling. Its main goal is to comprehend how digital finance affects these businesses' technological innovation efficiency from various angles. The study concludes that digital finance significantly improves the efficiency of technological innovation; more importantly, the Digital Finance Adoption Rate (DFAR) has a more significant influence than the Digital Finance Level (DFL). According to the Digital Transformation Maturity (DTM) scale, digital finance helps businesses transform digitally, increasing the effectiveness of technological innovation. State-owned businesses are more affected by the influence of digital finance on innovation efficiency than non-state-owned businesses. Other factors, including enterprise lifecycle, innovation investment, digital leadership, revenue strategies, and market rivalry, also shape the relationship between digital finance and technical innovation efficiency. To increase innovation efficiency, particularly in state-owned businesses, the study suggests expanding access to and adoption of digital finance. It also means leveraging elements such as enterprise lifecycle, innovation investment, digital leadership, revenue strategies, and market competition to spur more technological innovation. The impact of digital finance on technological innovation at different phases of organizational growth in China highlights the need for customized methods to harness its potential.

Predicting personalized cumulative live birth rate after a complete in vitro fertilization cycle: an analysis of 32,306 treatment cycles in China

BackgroundThe cumulative live birth rate (CLBR) has been regarded as a key measure of in vitro fertilization (IVF) success after a complete treatment cycle. Women undergoing IVF face great psychological pressure and financial burden. A predictive model to estimate CLBR is needed in clinical practice for patient counselling and shaping expectations.MethodsThis retrospective study included 32,306 complete cycles derived from 29,023 couples undergoing IVF treatment from 2014 to 2020 at a university-affiliated fertility center in China. Three predictive models of CLBR were developed based on three phases of a complete cycle: pre-treatment, post-stimulation, and post-treatment. The non-linear relationship was treated with restricted cubic splines. Subjects from 2014 to 2018 were randomly divided into a training set and a test set at a ratio of 7:3 for model derivation and internal validation, while subjects from 2019 to 2020 were used for temporal validation.ResultsPredictors of pre-treatment model included female age (non-linear relationship), antral follicle count (non-linear relationship), body mass index, number of previous IVF attempts, number of previous embryo transfer failure, type of infertility, tubal factor, male factor, and scarred uterus. Predictors of post-stimulation model included female age (non-linear relationship), number of oocytes retrieved (non-linear relationship), number of previous IVF attempts, number of previous embryo transfer failure, type of infertility, scarred uterus, stimulation protocol, as well as endometrial thickness, progesterone and luteinizing hormone on trigger day. Predictors of post-treatment model included female age (non-linear relationship), number of oocytes retrieved (non-linear relationship), cumulative Day-3 embryos live-birth capacity (non-linear relationship), number of previous IVF attempts, scarred uterus, stimulation protocol, as well as endometrial thickness, progesterone and luteinizing hormone on trigger day. The C index of the three models were 0.7559, 0.7744, and 0.8270, respectively. All models were well calibrated (p = 0.687, p = 0.468, p = 0.549). In internal validation, the C index of the three models were 0.7422, 0.7722, 0.8234, respectively; and the calibration P values were all greater than 0.05. In temporal validation, the C index were 0.7430, 0.7722, 0.8234 respectively; however, the calibration P values were less than 0.05.ConclusionsThis study provides three IVF models to predict CLBR according to information from different treatment stage, and these models have been converted into an online calculator (https://h5.eheren.com/hcyc/pc/index.html#/home). Internal validation and temporal validation verified the good discrimination of the predictive models. However, temporal validation suggested low accuracy of the predictive models, which might be attributed to time-associated amelioration of IVF practice.

Sectoral shocks, production linkages, and business cycles in China

This paper develops a dynamic multisector model to examine the contribution of sectoral productivity shocks and input-output linkages to the dynamics of the Chinese economy. Our baseline simulations replicate the volatility and comovement in the data fairly well. More importantly, we show that the idiosyncratic components of sectoral productivity shocks together with the production linkages are the primary drivers of volatility and comovement, while the common components of sectoral productivity shocks mainly result in resource reallocation across sectors through substitution effects. The sensitivity analysis highlights the importance of elasticity-of-substitution parameters. Finally, the share of state-owned enterprises in each sector is shown to have significant impact on the aggregate volatility.

Do political affiliation and economic wellbeing thwart religious identification in China?

Abstract While the Chinese government's stated position is to support religious freedom, the Chinese Communist Party (CCP) is officially atheist. Individuals who profess faith are typically unable to join and members who practice a religion face expulsion and a loss of benefits. This paper analyzes the extent to which the CCP's policies regarding religion may influence religious identification over the life cycle in China. To do so, we contrast changes in religious affiliation before and after retirement for CCP members and non-CCP members. We find a significant increase of religious activities and religious faith in CCP members after retirement – suggesting: (1) people's acknowledgment of religious belief is significantly influenced by CCP regulations and (2) the biggest influence from a material benefits perspective occurs for those CCP members employed in the Chinese government system.

Anthropogenic cycles of praseodymium in China: 2000–2020

Praseodymium (Pr) is one of critical rare earth elements (REEs), which is widely used in clean energy technologies and home appliances. With the increasing demand of renewable energy, it is necessary to uncover the features of Pr stocks and flows through its whole life cycle. China is the largest REEs supplier in the world, but its Pr stocks and flows remain unclear. Therefore, this study investigates the anthropogenic Pr cycle in China for the period of 2000–2020 by applying dynamic material flow analysis. The results show that a total of 176 Gg Pr flowed into the Chinese anthropogenic system over the past two decades. Pr supply reached 10.8 Gg in 2020, while Pr demand reached 9.2 Gg in 2020, respectively. The top three Pr consumption fields were wind turbines (2.5 Gg), refrigerators (431 Mg), and electric vehicles (403 Mg) in 2020, with annual growth rates of 40%, 32%, and 86% during the study period, respectively. The largest in-use Pr stock came from wind turbines (with a figure of 18.8 Gg) in 2020, followed by air conditioners (5.5 Gg) and wash machines (3.2 Gg). The largest end-of-life flow came from air conditioners in 2020, with a figure of 847 Mg. Based on these results, three policy recommendations are proposed, including stable Pr supply, appropriate Pr recycling and recovery, and synergetic management with neodymium.

Ensuring the sustainable supply of semiconductor material: A case of germanium in China

The semiconductor industry relies on the sustainable supply of critical mineral resources, such as Germanium (Ge), a key metal used in making electronics, fiber cables and solar cells. However, since Ge is a companion element, its primary production is constrained by the availability of host minerals such as zinc and coal. As such, its recycling is challenging since both recycling networks and technologies are still in its early infancy. There are increasing concerns on how to meet with the future demand for Ge due to its limited supply. This study aims to uncover the metabolic characteristics of the Ge cycle in China for the period of 2002–2021 from a whole life cycle perspective by employing a dynamic material flow analysis. The results show that China's demand for Ge had increased from 19.16 tons in 2002 to 85.87 tons in 2021. Fiber cables and infrared optical instruments consumed the most Ge resource, accounting for 54.59% and 36.76% of the total Ge consumption, respectively. The in-use Ge stock had increased more than 40 folds, implying a substantial potential for future recycling. The majority of Ge was extracted from coal ash and zinc concentrates, with figures of 1086.92 tons and 585.27 tons respectively, while only 13.45 tons of Ge were recovered from those end-of-life products. Furthermore, the Ge loss reached 1586.31 tons at the production stage. The Ge stock in those intermediate products has gradually decreased. The cumulative Ge export amount contained in various products was 655.64 tons, mainly dominated by intermediate products, while the share of final products increased in recent years. Based on these findings, several policy recommendations are proposed, including improving Ge production efficiency and expanding Ge supply sources, establishing a comprehensive Ge recycling system, and upgrading the entire Ge industrial chain. These policies can help better cope with the challenges that the global semiconductor supply chain is facing.

Uncovering the key features of platinum metabolism in China during 2001–2022: A dynamic material flow analysis

Platinum is a critical mineral resource and has been called the “vitamin” of the technology industry as it is widely utilized in diverse fields such as automobiles, petroleum, chemicals, medicine, jewelry, and electronics. The demand for platinum is increasing, but its reserve is limited, especially in China, a major platinum user in the world. This study aims to track the platinum cycle in China for the period of 2001–2022 by employing dynamic material flow analysis so that the key features of platinum metabolism in China can be identified. Our results show that the total production of domestic platinum mining accounted for only 1.27% of the national platinum supply. China had to import platinum resource to meet with its increasing demand. The jewelry sector contributed the largest platinum consumption due to the preference of the Chinese consumers. There are two recycling routes for all the retired platinum-containing products, including both closed-loop and open-loop routes. Also, the total illegal imported platinum scraps reached 131.27 tons, accounting for 47.57% of the total open-loop recycled platinum. China's platinum in-use stocks increased from 44.23 tons in 2001 to 824.49 tons in 2022. As a result, the end-of-life platinum scraps increased from 0 tons in 2001 to 65.83 tons in 2022. In addition, China primarily imported platinum semi-finished products to meet its domestic demand, but mainly exported platinum scraps and finished products to other countries. Based on these research findings, policy recommendations are proposed by considering the Chinese realities, covering political, technological, and industrial cooperation dimensions. The results of this study provide valuable insights to those decision makers so that they can prepare more effective platinum resource policies.

Detecting Relationship between the North–South Difference in Extreme Precipitation and Solar Cycle in China

The sun plays a crucial role as the primary source of energy for the Earth’s climate system and the issue of the influence of solar activity on the climate has been actively discussed recently. However, the precise impact of solar activity on extreme precipitation on the decadal timescale remains insufficiently confirmed. In this study, we investigate the relationship between summer extreme precipitation events exceeding 20 mm (R20mm) in China and the 11-year sunspot number (SSN) cycle from 1951 to 2018. Results showed that the first mode of June–July R20mm, a “south-drought and north-flooding (SDNF)” distribution, exhibited a significant correlation with the SSN cycle (p = 0.02). The fundamental driver is likely the pronounced periodic response of stratospheric ozone to solar forcing. During summer of the high-solar-activity years (HSY), there is a notable increase in ozone concentration and high temperatures in the stratosphere, particularly in the Southern Hemisphere. This phenomenon leads to a layer of anomalous temperature inversion, suppressing convection at the subtropics. This induced downward anomalous airflow toward the north stimulates convective activity in the equatorial region and generates northward wave activities. These wave activities produce rising and sinking anomalies at different latitudes in the Northern Hemisphere troposphere, finally causing the “SDNF” pattern in China.

Carbon cycle responses to climate change across China's terrestrial ecosystem: Sensitivity and driving process

Investigations into the carbon cycle and how it responds to climate change at the national scale are important for a comprehensive understanding of terrestrial carbon cycle and global change issues. Contributions of carbon fluxes to the terrestrial sink and the effects on climate change are still not fully understood. In this study, we aimed to explore the relationship between ecosystem production (GPP/SIF/NDVI) and net ecosystem carbon exchange (NEE) and to investigate the sensitivity of carbon fluxes to climate change at different spatio-temporal scales. Furthermore, we sought to delve into the carbon cycle processes driven by climate stress in China since the beginning of the 21st century. To achieve these objectives, we employed correlation and sensitivity analysis techniques, utilizing a wide range of data sources including ground-based observations, remote sensing observations, atmospheric inversions, machine learning, and model simulations. Our findings indicate that NEE in most arid regions of China is primarily driven by ecosystem production. Climate variations have a greater influence on ecosystem production than respiration. Warming has negatively impacted ecosystem production in Northeast China, as well as in subtropical and tropical regions. Conversely, increased precipitation has strengthened the terrestrial carbon sink, particularly in the northern cool and dry areas. We also found that ecosystem respiration exhibits heightened sensitivity to warming in southern China. Moreover, our analysis revealed that the control of terrestrial carbon cycle by ecosystem production gradually weakens from cold/arid areas to warm/humid areas. We identified distinct temperature thresholds (ranging from 10.5 to 13.7 °C) and precipitation thresholds (approximately 1400 mm yr−1) for the transition from production-dominated to respiration-dominated processes. Our study provides valuable insights into the complex relationship between climate change and carbon cycle in China.

Camrelizumab combined with apatinib and nanoparticle albumin-bound paclitaxel in lung adenocarcinoma (CAPAP-lung): a single-arm phase II study

Platinum-doublet chemotherapy plus immunotherapy has been the standard of care for the first-line treatment of advanced non-small cell lung cancer lacking actional driver mutations. However, optimization of drug combinations is still needed to find a better balance between therapeutic efficacy and safety in the immunotherapy era. We aimed to investigate the efficacy and safety of platinum-free albumin bound paclitaxel (nab-paclitaxel) combined with camrelizumab and apatinib as first-line treatment for patients with advanced lung adenocarcinoma. In this multicenter open-label, single-arm phase II trial, patients with systemic treatment-naïve advanced lung adenocarcinoma without epidermal growth factor receptor (EGFR) or anaplastic lymphoma kinase (ALK) mutations received a rational-based combination of camrelizumab (200mg intravenously, day one), apatinib (250mg, q.d., five continuous days per week), and nab-paclitaxel (135mg/m2 intravenously, days one and eight) every three weeks for four to six cycles in China. Patients with controlled disease were maintained with camrelizumab and apatinib. The primary end point was progression-free survival (PFS). This trial is registered with ClinicalTrials.gov (No. NCT04459078). Between August 26, 2020 and May 20, 2022, 64 patients were enrolled. The median PFS was 14.3 (95% CI: 9.9, not reached) months. The confirmed objective response rate was 64.1% (95% CI: 51.1, 75.7). The grade 3-4 hematologic treatment-related adverse events (TRAEs) were decreased neutrophil count (14.1%), decreased white blood cell count (7.8%), and anemia (3.1%). The most common non-hematologic TRAEs of grade 3-4 were increased alanine transaminase (18.8%) and aspartate transaminase (15.6%). No treatment-related death occurred. The quality of life was on average not clinically meaningful worse through treatment cycle14. Nab-paclitaxel plus camrelizumab and apatinib showed clinically meaningful anti-tumor activity and manageable safety, with few hematologic toxicities, and might be a potential treatment option in patients with advanced lung adenocarcinoma lacking EGFR/ALK mutations. Heath Research Foundation of Chinese Society of Clinical Oncology, Hunan Provincial Natural Science Foundation of China, Hunan Cancer Hospital Climb Plan, Sister Institution Network Fund of The University of Texas MD Anderson Cancer Center, The Science and Technology Innovation Program of Hunan Province, and Suzhou Sheng Diya Biomedical Co., Ltd, a subsidiary of Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Shanghai, China).

Tracking the evolution of niobium cycle in China from 2000 to 2021: A dynamic material flow analysis

Niobium has been classified as one critical metal due to its wide applications in both fundamental and strategic industries. However, niobium resource is limited and unevenly distributed. China is the biggest niobium consumer and the demand for niobium will continue to increase due to its rapid urbanization and industrial development. This study aims to uncover the key features of niobium metabolism in China during 2000–2021 by employing a dynamic material flow analysis method. Our results show that both niobium flows and stocks experienced fast growth in China and the domestic demand for finished niobium products was highly concentrated. Moreover, China mainly relied on importing primary niobium resources from Brazil and Canada, while exporting semi-finished niobium products to Korea, Vietnam, Indonesia, and India. Several policies are then proposed by considering the Chinese realities to improve the utilization efficiency of niobium resources and secure its sustainable supply.

Illustrating China's journey to balance, circular, and secure potassium cycles in the last three decades

Potassium (K), a critical mineral for the living system, is primarily used in the production of mineral K fertilizer to support national food security. However, the anthropogenic and natural cycle of K is less studied to reveal its corresponding nutrient availability and demand, soil balance and efficiency. This study, as one of the first attempts, aims to trace K flows and stocks along its cycle in China by applying substance flow analysis (SFA), K residues generation and circularity model during 1990–2020. It also seeks to explore the soil K balance at both national and provincial scales. The findings indicate that the cumulative demand for K was 628.8 million metric tons (Mt), of which 61.8 % was obtained from K residues. The soil K balance in China had shifted from deficit to excessive, with the soil being excessive by ∼12.5 % in 2020. However, the soil K balances in 31 provinces showed significant temporal and spatial variations, with ∼51.3 % of total cultivated area depleted in soil K in 2020. Our further analysis of China's strategies along such journey towards a balance, circular, and secure K cycles can help to inform other nations for reducing their dependence and competitions on K minerals.

Public land sales and the political cycle in China

This study analyzed the influence of the political cycle on public land transfer. In this paper, the Party Congress is taken as a political cycle, and we construct a model to discuss the relationship between public land sales and the political cycle. The empirical analysis is based on the land transfer panel data of prefecture-level cities from 2002 to 2018. The main results show that the land transfer area and land transfer income show a downward trend in the early stage of the Party Congress, while the land transfer area and land transfer income show an upward trend after the Party Congress. We believe that the political cycle has a significant impact on the supply of public land. The reason is that the political uncertainty in the early stage of the Party Congress is very high, and the impact of the land transfer on tax revenue and economic growth lags behind. Officials reduce the valuation of future income and thus reduce land transfer. As political uncertainty abated after the party congress, local officials joined the promotion race, offering land to attract investment and boost economic growth.

Political Incentives, Bureaucratic Behaviors and Political Budget Cycles in China

Political Incentives, Bureaucratic Behaviors and Political Budget Cycles in China

Dynamic material flow analysis of rhenium in China for 2011–2020

Rhenium (Re) is one rare and heavy metal element that plays an important role in various fields, such as aerospace applications, petroleum industry, and power generation. However, less attention has been paid to its metabolism patterns. This study employs a dynamic material flow analysis method to investigate the anthropogenic Re cycle in China from 2011 to 2020. The results show that the annual demand for Re had increased from 7.02 tons to 10.41 tons during the study period, in which 44.91% of the total Re was used to produce petro-reforming catalysts and 32.87% of the total Re was used to make aero-engines. A total of 54.94 tons of Re became in-use stock and 18.55 tons were discarded. A significant Re loss (55.92 tons) was generated in the refining and separation stage, mainly due to cost and technological constraints. On the supply side, the domestic primary Re production remained stable in China, but unable to meet the market demand. Therefore, China has to rely on importing Re products, with a net import reliance (NIR) of more than 75% in recent years. The imported Re had increased from 8.68 tons in 2011 to 18.99 tons in 2020. About 85.4% of the imported final products were aero-engines. By identifying several problems hindering the sustainable use of Re in China, we proposed several policy recommendations to improve the overall Re resource efficiency, such as policy and economic supports for Re recycling, enhancing Re's production and utilization technologies, and strengthening Re supply resilience.

The influencing factors underlying the vicious ecological vulnerability-low productivity-poverty cycle in China and overcoming its related policies

There is often a vicious cycle that occurs in China encompassing ecological vulnerability, low productivity, and poverty. Existing research has not applied multiagent modelling and simulation (MAMS), which is a method suitable for analysing such complex systems. Therefore, the MAMS is here used to explore potential strategies for breaking this cycle. The MAMS method is based on complex adaptive systems and computer programs, and it includes both theoretical and simulation models, which can be used to simulate different scenarios and obtain visualized results. To sample representative poverty-stricken areas in China, the authors designed five breakthrough policy scenarios. The simulation results of these scenarios indicate that increasing the amount of arable land decreases the number of poor people. However, increasing the direct interventions of government does not reduce the number of the poor, nor does it change the Gini coefficient. On the other hand, increasing the number and variety of poverty alleviation opportunities available to the poor leads to a decrease in both the number of poor people and the Gini coefficient. These results of our five scenarios indicate that the optimal policy portfolio could be obtained by increasing the amount of arable land and providing more varied opportunities to help the poor participate in market activities while reducing direct government intervention. The combined design of these policies is conducive to breaking the vicious cycle of poverty.

Similarities Between Cycles in China's Hog Futures Market and Cycles in the Labor Market

Labor markets and commodity futures markets have been important areas of study in economics over the past few decades. However, most scholars view them as two separate fields. This article attempts to fill this gap by examining the relationship between hog futures cycles and labor market cycles, exploring similarities between them. Hog futures are one of the most active contracts in the agricultural product futures market. The labor market is an important part of economic activity, directly affecting the financial situation of households, businesses and governments. The cycles that exist in these two markets can be seen as the result of fluctuations in supply and demand. By analyzing the hog futures cycle and the labor market cycle, this article explores the Chinese government's intervention methods and intervention purposes and finds similarities.

State‐owned enterprises and entrusted lending: Economic growth and business cycles in China

AbstractA key economic structure in China is the co‐existence of state‐owned enterprises (SOEs) being bank‐favored firms as well as policy tools, and more productive private firms who can borrow from SOEs through entrusted lending. We explore macroeconomic implications of such a structure in China. Our findings suggest SOEs dampen output volatility at the cost of productivity volatility. In contrast, the healthy development of entrusted lending dampens variations of both output and productivity by reallocating credits between firms. Focusing on the recent growth slowdown in China, we further show conducive effects of entrusted lending on economic growth by mitigating capital misallocation.